GFL Environmental reported Q1 2026 revenue of CA$1.64 billion (US $1.21 billion), up 5.4% year over year, with adjusted EBITDA margin hitting 29.1%, the highest first-quarter margin in the company’s history.
Q1 2026 highlights (all figures in Canadian dollars):
• Revenue: $1.64 billion (+5.4% YOY)
• Adjusted EBITDA: $478.5 million (+12.3% YOY), margin of 29.1%
• Core price: 7.0%
• Full-year adjusted EBITDA guidance raised by $90 million to ~$2.23 billion
CEO Patrick Dovigi noted the Miami Beach, Florida-based hauler’s strong quarter was achieved despite headwinds from macroeconomic uncertainty and “unusually challenging weather conditions.”
“Our exceptional execution drove industry leading top line growth of 8.5% before considering foreign exchange headwinds, including 7.0% from core pricing and 180 basis points of adjusted EBITDA margin expansion,” Dovigi said.
The company has completed eight acquisitions since the start of 2026, generating an estimated $425 million to $450 million in annualized revenue.
“On the back of these acquisitions alone, we are raising our full-year guidance. Given the momentum in our base business, we remain well positioned to exceed this guidance,” Dovigi said.
GFL’s raised guidance does not include any contribution from its proposed CA$6.4 billion acquisition of SECURE Waste Infrastructure, which the company announced April 13 and expects to close in the second half of 2026. SECURE shareholders are set to vote on the deal May 27.
SECURE reported its own Q1 results April 30, and is bumping its growth capital budget to $100 million from $75 million to advance infrastructure projects in capacity-constrained regions.
The Calgary-based company posted adjusted EBITDA of CA$137 million, up 13% year over year, and said it now expects full-year results to trend toward the high end of its 2026 adjusted EBITDA guidance range of $520 million to $550 million.
Dovigi described the acquisition as a chance to expand GFL’s western Canada footprint with assets that would be difficult to clone.
“We believe the acquisition of SECURE represents a unique opportunity for us to acquire a leading waste management provider in Western Canada, with a highly complementary network of hard to replicate permitted waste processing and disposal assets,” he said.
The transaction is expected to push GFL’s adjusted EBITDA margin to 31.6%, up from the 30% the company reported for full-year 2025.
